Central Bank of Nicaragua affirms that GDP grew by 4.3% during the second quarter of 2022

Nicaragua’s gross domestic product (GDP) grew by 4.3% during the second quarter of this year compared to the same period in 2021, the Central Bank of Nicaragua BCN reported this Friday.

By the production approach, the interannual evolution of the quarterly GDP was due to the growth in the activities of hotels and restaurants (19.3%), commerce (8.3%), manufacturing industry (6.6%), agriculture ( 6.5%), transport and communications (5.8%) and exploitation of mines and quarries (5.6%), specified the issuing bank of the State in a report.

Due to the spending approach, the year-on-year change in GDP was determined by joint impulses from net foreign demand and domestic demand, explained the monetary entity.

The contribution of net external demand was generated, particularly, by the growth of exports (13.2%), he indicated.

For its part, the contribution of domestic demand was mainly due to the growth of final consumption (4.4%), he added.

Nicaragua’s GDP grew 5.7% in the first quarter of this year, compared to the same period in 2021, according to the information.

With this accumulated result, the growth observed in the first half of the year was 5%, with an average annual rate of 7.5%, according to the official preliminary estimate.

Nicaragua’s economy grew by 10.3% in 2021, the first year of growth after three years in a row of closing with a red balance, according to the Central Bank.

The Nicaraguan economy had contracted by an average of -3.03% per year in the 2018-2020 period.

GDP decreased by 2.0% in 2020, as a result of the covid-19 pandemic and the damage caused by hurricanes Eta and Iota, in November of that year, according to the monetary authority.

In 2019 it fell 3.7% and 3.4% in 2018, due to the socio-political crisis that has affected the country for 53 months, according to the issuer.

For 2022, the Central Bank of Nicaragua estimates economic growth of between 4% and 5%.

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